AdTotal Gas Ltd‘s total EV charging points have grown to 1,212 units at the end of June 2024, and another 740 plus EV charging points are under various stages of construction at this point, said CEO Suresh Mangalani on Monday, as he presented company’s Q1 earnings.
“We would see them coming to life and charging the public transport very soon in the near future. With these expanded networks our EV charging points presence will grow to 23 states and 217 cities,” he said.
On the biomass business, he apprised that the Adani Group company has already commissioned phase one of its prestigious Barsana project near Mathura.
“Along with the cow dung, which is the base feedstock, we have now secured the diversified feedstock of rice straw as well as press mud. This diversified feedstock availability will help us to increase the yield of compressed biogas as well as the organic fertilizer,” Mangalani said in a video presentation.
On the LNG for transport and mining front, Adani Total Gas will be very soon commissioning its first LNG station, which will cater to the heavy vehicles, heavy trucks and buses in Tirupur in Tamil Nadu.
“We also plan to open 10 LNG stations in the country to help in developing the ecosystem for LNG as the transport fuel for long haul vehicles like trucks and buses,” the CEO added.
During the quarter, he apprised that Adani Total Gas’ credit rating has been upgraded to ICRA AA stable from ICRA AA minus stable.
“This, ATGL will leverage the healthy balance sheet to fund its future capex requirement based on the drawn capital management plan,” he said.
The company’s piped natural gas to households has now increased to 858,000 homes across its all geographic areas. Similarly, for industry and commercial consumers, it has added 211 more new consumers on piped natural gas and the total tally has now increased to 8,542 industrial and commercial consumers across its geographical area.
Adani Total Gas Ltd on Monday reported that its revenue from operations during the April-June 2024 quarter rose 9% year-on-year to INR 1,237 crore. In the same quarter of 2023, the revenue stood at INR 1,135 crore.
Adani Total Gas Ltd, a leading city gas distribution company, on Monday announced its operational and financial performance for the quarter ended June 2024.
During the quarter, the Adani Group company’s net profit or profit after tax rose 20% to INR 177 crore, as against the reported INR 148 crore in the same quarter of 2023.
The company’s EBITDA rose 21% during the quarter to INR 308 crore, versus INR 255 crore in the April-June 2023 quarter.
“We continue to see more traction on natural gas as we further build CGD infrastructure and penetrate deeper across multiple GAs. With newer sustainable energy in the form of E-mobility, LNG and Biomass, we remain fully committed to providing a sustainable energy platform to our consumers and playing a leading role in the country’s energy transition journey,” said Suresh P Manglani, ED and CEO of Adani Total Gas.
Adani Total Gas is authorised in 34 Geographical Areas and plays a significant role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 53 GAs, 34 are owned by Adani Total Gas and the balance 19 GAs are owned by Indian Oil-Adani Gas Private Limited (IOAGPL) – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited.
